The government on Tuesday approved borrowing of $528 million from the overseas banks on high interest rate to foot the oil imports bills, said the officials. A government body, the hard-term loan committee, at a meeting gave its endorsement to $328 million in credit from the state-owned Philippines oil suppliers
overseas bank
Govt likely to take $800m in hard-term loan
The government is going to borrow more than $800 million loan from the overseas banks on high interest rate to pay the oil import bills fattened due to costly rental power plants, officials said on Monday. A committee dealing with hard-term loans